FxWirePro: DAX30 downside capped by 100 – day MA, good to sell on rallies
DAX30 has formed a minor bottom around 12311 and recovered slightly from that level. The index made a minor jump till 12468 at the time of writing and is currently trading around 12456. The near term support is around 12…
DAX30 has formed a minor bottom around 12311 and recovered slightly from that level. The index made a minor jump till 12468 at the time of writing and is currently trading around 12456.
The near term support is around 12300 and any daily close below that level will drag the index till 11945 (Apr 20th 2017 low)/11463 (Feb 7th 2017 low).
On the higher side, temporary top formed around 12956 will be acting as major resistance and any further bullishness can be seen only above that level. The minor resistance is around 12570 (21- EMA)/12715 (61.8% retracement of 12956 and 12310).
It is good to sell below 12500 with SL around 12715 for the TP of 11950/11480.
